Remortgages

Remortgages occur when your existing mortgage deal expires or if you want to move from one provider or deal to another.

We use the following approach to source the best mortgage for our clients:

Understand the factors relevant to the borrower

Agree on the criteria of the transaction

Research the best deals in the market that meet these criteria

We will allocate a mortgage adviser to you to conduct the research. They will establish the relevant factors, agree upon a set of search criteria with you and then conduct a search of the market to find you the best mortgage.

The advice that you receive

We will advise you in the form of a written report, which will set out the various options available to you. This report will highlight:

Our research models

We have two models for our research into self-employed mortgages:

Standard

Non-standard

Although our research is chargeable, we try to ensure that we don’t do chargeable work if the outcome is unlikely to yield any results. If we believe that your mortgage is unlikely to be approved at this time, we will inform you at no charge and suggest that the research be performed at a later stage. In some cases, we cannot confirm whether the mortgage will be processed without doing the research. In these cases, we will give you the option to proceed or not before we begin researching.

1. Standard cases

"Standard” cases are those cases where:

You (as the borrower) have Indefinite Leave to Remain (ILR) in the UK or possess a British or EEA passport

You are employed or, if self-employed, have two years’ tax returns that fit the borrowing requirement

The loan-to-value (the mortgage as a percent of the property value) is 80% or less

If these circumstances are present, you are likely to fall within the lending policy of most lenders; this allows us to conduct our research without needing to make special arrangements with any lender.

We will provide you with a range of deals that best meet your criteria, advising you on your best options going forward.

2. Non-standard cases

"Non-standard" cases arise from the following circumstances:

You (as the borrower) are not a British passport holder and do not hold ILR

Your earnings cannot be backed up by two years' P60 employment income in the UK

The proposed mortgage amount exceeds your annual employment income

You are a contractor using a limited company and/or umbrella company structure

The loan-to-value (the mortgage as a percent of the property value) is more than 80%

You are purchasing a shared ownership property

The proposed mortgage is greater than £1,000,000

You are not a resident in the UK

The "non-standard" route is followed where a case falls outside of standard lending policy. In these cases, we are required to spend additional time researching the case and arguing it with underwriters.

Our fees

We will charge a research fee upfront when we do the mortgage research. This fee will either be £195 or £375. If the success fee from the lender is above £750, we will not charge you (the borrower) any further fee. However, if the lender success fee is below £750, we will charge you a top-up fee on completion of the mortgage. Here, we set out an example to explain this scenario:

Miss Jones engages us to do her mortgage for her.

She is a UK national and needs a 70% mortgage to buy a £250,000 house (i.e. a £175,000 mortgage).

We charge her £195 at the outset and conduct the research for her. She gets the invoice from us when the research report is produced.

Croydon

Australia

Melbourne

Sable International is a trading name of 1st Contact Money Limited (company number 7070528) registered in England and Wales. Sable International is authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (FSP no. 41900) and holds an Australian Financial Services License issued by ASIC to deal in foreign exchange (AFS License number 335 126).

Our United Kingdom business, Sable Private Wealth Management Ltd, is authorised and regulated by the Financial Conduct Authority. Our Companies House registration number is 222501. Our authorisation can be checked on the FCA register here: www.fsa.gov.uk/register/home. Our South African business, Sable Private Wealth (Pty) Ltd, is an authorised FSP, regulated by the Financial Services Conduct Authority under licence number 48122.